New York Markets After Hours

Legislators close to creating covered bond market

RonaldD. Orol

WASHINGTON (MarketWatch) -- Senate lawmakers working out differences in sweeping financial-regulatory bills late Tuesday appeared supportive of a House provision that would create a statutory framework to foster a market for covered bonds, debt instruments issued by financial institutions and backed or "covered" by a pool of high-quality loans on a bank's balance sheets. The House proposal would set up a covered bond regulator within the Treasury Department. House members of the panel agreed to the measure on Tuesday, while the Senate group is expected to respond on Wednesday. "We'd like to accept this amendment, but a few things we want to look at," said Senate Banking Committee Chairman Christopher Dodd, a Connecticut Democrat.

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